In: Root » Legal and finance » Insurance
Most insurance policies treat mold damage as a "home maintenance" problem and will not cover it under a standard home insurance policy. When you get a home owner insurance quote online, one thing that isn't asked is about mold in the house. Although the concept of "toxic mold" might be an exaggeration, there's little doubt that the presence of mold inside a home can be a significant health hazard. In 2004 the Institute of Medicine (IOM) published research linking exposure to mold to a variety of upper respiratory health issues such as asthma and frequent upper respiratory tract infections. So if mold is dangerous, why don't companies care when giving home insurance quotes? It's because in most cases insurance companies treat mold damage the same as rot or insect infestations: as a home maintenance problem. Most insurance companies consider home maintenance problems as something that is the responsibility of the home owner and not the insurance company, and therefore is usually not covered by the vast majority of cheap home insurance policies. There are exceptions to the rule. If mold is caused by damage caused during a covered event, it may be covered by a standard home insurance policy. For example, if a person's insurance for the home includes coverage for water damage, they could be eligible to have mold damage repaired if it was caused by a burst pipe. It is possible to find home insurance online that includes mold damage, but it is rare. It's more likely that if you are concerned about protection against mold damage, you'll have to get a separate insurance provision to cover this policy. These can be found online, although they are typically quite expensive. A better idea is to inspect any older home you purchase for mold ahead of time to avoid problems down the road. Lou Albini is a freelance writer specializing in financial services and insurance. His work has been published in major print and online news sites. He lives in Brooklyn, NY.
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